The Norwalk, Connecticut-based company said net income dropped to $266 million, or 22 cents per share, from $271 million, or 21 cents per share, in the same quarter a year earlier.

Earnings, adjusted for amortization costs and to account for discontinued operations, were 27 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 26 cents per share.

The business services provider and copier company said revenue decreased 1.8 percent to $5.29 billion from $5.4 billion in the same quarter a year earlier.

Xerox shares have climbed 67 cents, or 5.5 percent, to $12.84 since the beginning of the year, while the Standard & Poor's 500 index has risen 7.6 percent. The stock has increased $3.04, or 31 percent, in the last 12 months.